Specifications include, but are not limited to: Contractor shall provide Client or cloud-based software to account for leases and leased assets in compliance with Government Accounting Standards Board (GASB) Pronouncement Statement No. 87 Leases and No. 96 Subscription Based Information Technology Arrangements (SBITA) for both governmental and businesstype funds, including reporting at detailed and summary levels, journal entries, and other disclosures, and implementation services. A. The City has approximately 50 operating leases as lessor, including Airline leases that will need to be split into regulated and unregulated lease components. B. The City has approximately 15 leases as lessee. C. The City has Master Service Agreements for copiers and computer equipment with assets used in both governmental and business-type funds. D. The City has approximately 120 capital leases as lessee that are accounted for in an excel database. The City would like to evaluate moving these to the new Lease Accounting Software. E. The City has approximately 30 SBITA’s. 4.2. Accounting Software Requirements A. Software shall have Government-wide and Fund-based Accounting and Reporting for both the lessee and lessor, and for both governmental and business-type funds. B. Software shall be able to calculate the right of use asset and lease liability as lessee and lease receivable and deferred inflow as lessor. C. Software shall have audit trail of individuals making changes. D. Software shall have amortization table generation. Software must be able to handle payment schedules that change over time, free rent, lease incentives, payments in advance, in arrears, middle of month, monthly, quarterly, annually. Must be able to generate these amortizations for lease agreements that do not provide amortization information.
